There is no doubt that transportation is probably one of the largest expenses around. I have to commute to work and when gas was at the peak it was not unusual to see $50 or more dollars a week go just in the tank to get to the job. Add to that the extreme winter heating bills and you get an idea what it is like. Even keeping the house relatively cold is not much help when your winter fuel and gasoline is creeping up to 40% of your monthly earnings. In all fairness though, as far as the heating goes it does balance out with very low bills over the warmer months. So how does one make ends meet? For me, I cut the cable, try to car pool if possible, I always bought a used car and paid cash so I didn't have that bill and finance charges, and I cook my own food. I also agree that you should leave the debit cards home, stick to what you have in your wallet and you will be much more mindful on how you spend. Growing up poor I have never had a problem with going without, I don't need an ****** or a plasma TV to be happy. In fact I learned long ago that sometimes working less makes you happier because of less stress and making due so you can enjoy your own time. I don't let the consumerism get the better of my dreams.
I agree that living relatively frugally is one of the smartest things you can do - it worked for Buffett, and also for most other self-made men. You can also set up automatic fund transfers from your checking account into savings and investment accounts each paycheck.
I usually am not this precautious about saving money since I buy everything I see online and offline, without giving it too much thought. I know it's not a truly good way of living your life, because you might end up broke... but hey, if you stay within the boundaries of your budget, I'm pretty sure every single little thing will go just fine.
A good way to save money is to shop around and find the best deals on whatever you are buying. When it comes to grocery shopping check the weekly flyers, buy generic brands or buy thinks in bulk. If it is a big ticket items check around and see where you can get the best price. A lot of places will work with you and give you better deals if you bargain with them. I have, also, purchased stuff online for a fraction of the price of buying local. Every little bit you do to save money put a few extra dollars in your pocket. I agree with baudwalk, paying yourself first is the most important thing of all.
I've always found the best way to save money is by actually setting myself a budget before I go shopping. I've managed to keep groceries to between $20 - $30 a week this way. I try do something similar with every sort of spending.
One way I've found to save money is to walk instead of using the car or transports. Not only is healthier, but also saves me parking and gas expenses. So if I have time, I go for it.
I'm a college student and my school is far, so you need to take 3 rides to get there and it's very expensive. It costs me 60% of my allowance, and to save money is to walk.
The best way I've found is to set up a bank transfer from my account into a savings account I've got. A certain percentage of my wage goes into my savings every month so that means I don't get tempted to spend everything I get. Trying to save money in one account is difficult so having a separate account just for savings makes life a little easier for me.
This is what I recommend to everyone who is wondering how to get started. It really is as simple as that, as long as you transfer the money to another account then you simply cannot spend it on anything.
Well, I'm not sure if this is clever or not, but for about four years I've been dropping some change that I don't think I will need on a frappe Starbucks venti bottle and it's already full of change, is really useful sometimes when I am really broke or I need some change to take the bus/train!
